NEW YORK, Aug. 6 (UPI) — Ninety-eight percent of baby boomers say they are very worried about being able to afford retirement healthcare coverage, a U.S. survey indicates.
The survey, conducted by Harris Interactive for New York Life Investment Management LLC, indicates 74 percent of baby boomers ages 45-65 who are not yet retired see healthcare costs as either their greatest concern or their second greatest concern for retirement.
More than half of the boomers indicate they would rather work longer to pay for healthcare expenses, rather than give up luxuries in retirement, but 76 percent of baby boomers say they are willing to spend less now to invest for a more comfortable lifestyle.
More than half of the boomers say their Internet connection, shopping for birthdays and special occasions, and pet care as basic needs, while almost half consider annual family vacations or weekend getaways, having eldercare/home aid, professional hair care and funding children/grandchildren’s education as basic needs as well. Boomers say the luxuries most difficult to give up are traveling and dining-out, the survey found.
The survey was conducted from May 3-13 among 1,049 U.S. adults ages 45-65 with a total of $100,000 or more of investable liquid assets. No other survey details were provided.
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